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RENASANT BANK
DEPOSIT ACCOUNT AGREEMENT
This document is an agreement that contains important terms and conditions, including your rights and responsibilities, regarding your
deposit account with Renasant Bank. Please read this agreement carefully and keep it available for future reference.
TABLE OF CONTENTS
General Agreement. ............................................................................ 2
General Rules. .................................................................................... 2
1. Deposits. ................................................................................. 2
2. Collection of Deposited Checks. ............................................. 3
3. Subaccounts. ........................................................................... 3
4. Right of Setoff/Security Interest. ............................................ 3
5. Legal Process. ......................................................................... 3
6. Available Balance. .................................................................. 4
7. Withdrawals from your account. ............................................. 4
8. Non-Sufficient Funds And Overdrafts. ................................... 5
9. ATM Card or Debit Card Transactions. .................................. 6
10. Accounts Opened Through the Online Banking Service. ....... 6
11. Authority. ................................................................................ 6
12. Account Ownership. ............................................................... 7
13. Individual/Single-Party Account. ........................................... 7
14. Multi-Party/Joint Account. ..................................................... 7
15. “In Trust For” / Payable On Death (POD) Accounts. ............. 7
16. Uniform Transfers to Minors Account (“UTMA”). ................ 7
17. Organization/Business Account. ............................................. 7
18. Fiduciary Account. ................................................................. 8
19. Additional Authorized Signatory. ........................................... 8
20. Special State Law Provisions. ................................................. 8
21. Disputed Authority – Blocking Transactions. ......................... 9
22. Transfers and Assignments. .................................................... 9
23. Checks and Deposit Slips. ...................................................... 9
24. Lost, Stolen Checks, Counterfeit or Other Unauthorized
Checks. ................................................................................... 9
25. Facsimile Signatures. .............................................................. 9
26. Restrictive Legends. ............................................................... 9
27. Stale or Postdated Checks. ...................................................... 9
28. Stop Payments. ....................................................................... 9
29. Check Truncation.................................................................. 10
30. Unclaimed Property, Dormant Accounts. ............................. 10
31. Closing Account. .................................................................. 10
32. Wire Transfers and Automated Clearing House (“ACH”)
Transactions. ......................................................................... 10
33. Provisional Payment. ............................................................ 11
34. Notice of Receipt. ................................................................. 11
35. Statements. ............................................................................ 11
36. Electronic Delivery of Statements. ....................................... 12
37. Notice. .................................................................................. 13
38. Account Type and Payment of Interest................................. 13
39. Cashing Checks. ................................................................... 13
40. Illegal Activities. .................................................................. 13
41. Fees, Service Charges and Balance Requirements. .............. 13
42. Expenses. .............................................................................. 13
43. Credit Report. ....................................................................... 13
44. Customer Identification Program. ........................................ 13
45. Amendments and Alterations. .............................................. 13
46. No Waiver. ........................................................................... 14
47. Our Rights. ........................................................................... 14
48. Severability........................................................................... 14
49. Force Majeure. ..................................................................... 14
50. Liability. ............................................................................... 14
51. Indemnification. ................................................................... 14
52. WAIVER OF JURY TRIAL AND ARBITRATION
PROVISION......................................................................... 14
53. Applicable Laws and Regulations. ....................................... 16
54. Binding Effect. ..................................................................... 16
55. Headings. .............................................................................. 16
56. Titles. .................................................................................... 16
ARBITRATION NOTICE: This Deposit Account Agreement
contains a provision for arbitration and the waiver of a jury trial.
See Section 52 of this Agreement for details.
OVERDRAFT NOTICE: This Deposit Account Agreement
contains information regarding how we determine the Available
Balance in your account, how Items will be processed and the
general order in which they are posted against your account, how
we determine when an overdraft occurs on your account, and
when we may charge you an overdraft or insufficient funds fee.
See Sections 6, 7, 8, and 9 of this Agreement for details.
If you would like to arrange to receive a copy of any this Agreement
in 12-point type, please contact one of our financial service
representatives at 1-877-367-5371.
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General Agreement. These terms, unless varied or supplemented in
writing, govern the operation of your deposit account and your deposit
account relationship with us. Unless it would be inconsistent to do so,
words and phrases used in this document should be construed so that
the singular includes the plural and the plural includes the singular.
The terms “you” and “your” refer to the depositor and the terms “we,”
“us,” “our,” and “Bank” refer to Renasant Bank. The terms
“depositor,” “owner,” “holder,” or “party” are used interchangeably
to mean you as the person that owns the account, either singularly or
jointly with another owner. The term “person” means a natural
person, corporation, unincorporated company, partnership,
government unit or instrumentality, trust, or any other entity or
organization. The term “account” means any deposit account by any
name or description, including, but not limited to a demand, time,
savings, money market or passbook account; account evidenced by a
certificate of deposit; any negotiable order of withdraw (NOW)
account; or any similar account. “Item” is any check or remotely
created check, as those terms are defined in Federal Reserve Board
Regulation CC (12 C.F.R. Part 229) (“Reg. CC”), a substitute check,
purported substitute check, image replacement document, draft, or
order for the payment of money, oral or written, in electronic or other
form, including but not limited to a withdrawal slip, an image or photo
copy of a check, a bill pay debit, an ACH debit, point of sale debit,
ATM debit, debit card debit, or a wire transfer. “Business Day” is any
day we are open for carrying on substantially all of our banking
business other than Saturday, Sunday, or a Federal Reserve Bank
holiday. “Agreement” means this Deposit Account Agreement.
“Online Banking” refers to the various account related services we
may make available to you from time to time over the Internet
irrespective of the names we actually adopt for those services. Some
other important terms used in this Agreement and the Sections where
they are defined are: “Authorized Transaction” Section 9;
“Available Balance” Section 6; “Legal Process” Section 5; “NSF
Item” Section 8; “overdraft” Section 8; “Overdraft Service(s)”
Section 8; and “Remittance Transfer” Section 32. There are other,
additional terms defined elsewhere in this Agreement such as
important terms related to the Arbitration Provision in Section 52. You
understand that the following Agreement governs your account with
us, along with any other documents applicable to your account,
including, but not limited to, our Funds Availability Policy, Privacy
Policy, Common Fee Schedule, Commercial Schedule of Fees,
Regulation E Disclosure, Truth in Savings Disclosure, and signature
card, each of which are incorporated herein by reference which
documents may be changed from time to time. By signing the
signature card (including electronic signing or acceptance) or opening
an account, you agree to be bound by the terms of this Agreement.
You understand that your account is also governed by applicable law.
Your deposit account relationship with us is that of creditor and debtor.
This Agreement and your deposit account relationship do not create a
fiduciary, quasi-fiduciary, or special relationship between us. We owe
you only a duty of ordinary care. You understand that we have internal
policies and procedures that are solely for our own purposes and do
not impose on us a higher standard of care than otherwise would apply
by law or this Agreement without such policies and procedures.
General Rules. The following rules apply to your account:
1. Deposits. Deposits may be made in person, by mail, or by
any other method we make available, such as night depositories and
automated teller machines (ATMs), by any person and we are not
required to question the authority of the person to make the deposit.
Until we are in actual receipt of your deposit, we are not responsible
for deposits made by mail, night depository, ATM, or through some
other depository not staffed by our authorized employees. If you use
any of our night depositories, you do so solely at your own risk. We
are not liable for any deposit in the night depository until we issue a
written duplicate deposit ticket or other receipt acknowledging the
deposit. In addition to the terms of this Agreement, deposits made in
a night depository are subject to the terms of the Night Depository
Agreement which is hereby incorporated by reference and made a part
of this Agreement. All transactions received after our “daily cut-off
time” on a Business Day we are open, or received on a day in which
we are not open for business, will be treated and recorded as if initiated
on the next Business Day. We may refuse to accept particular checks
or other Items as a deposit to your account at our discretion. The terms
of our Funds Availability Policy will control the determination of the
Business Day deposits are deemed received by us and when they will
be available for withdrawal. Deposits may be subject to a service
charge.
When we receive your deposits, we may provisionally credit your
account for the amount declared on the deposit slip, subject to later
verification by us. You must ensure that the amount declared on the
deposit slip is correct, even if you did not prepare the deposit slip. You
agree that our records are conclusive as to the amount of the deposit
we received, without regard to any receipt, deposit slip, or other notice
of the deposit amount. If we later determine that the amount declared
on the deposit slip is incorrect, we may adjust (debit or credit) your
account. However, if the error in completing the deposit slip was
inadvertent and is less than our standard adjustment amount, we may
not adjust your account. We may change our standard adjustment
amount from time to time without notice to you.
All checks presented for deposit must be in a format that can be
processed and we may refuse to accept any check that does not meet
this requirement. You agree that you will only deposit a check(s) as
that term is defined in Reg. CC. You represent, warrant, and agree that
you will only deposit checks that are properly payable and that you are
the person entitled to enforce the checks. Without limiting the
generality of the foregoing, you represent and warrant that you will not
deposit a counterfeit check and/or a check that contains a forged or
unauthorized signature or endorsement. You agree to reimburse us
for any loss or expense (including reasonable attorneys’ fees) that we
incur because of a check that you deposit to your account. If a check
that is payable at a foreign bank or in a foreign currency is deposited
or presented for collection, you will be responsible for all collection
charges and exchange rate risk associated with the currency exchange.
You understand that we will not credit that kind of deposit until
receiving the proceeds in United States currency. If you use a service
wherein you create or deposit a Remotely Created Check, as that term
is defined in Reg. CC, you warrant to us that the person on whose
account the Remotely Created Check is drawn authorized the issuance
of the check in the amount stated on the check and to the payee stated
on the check. You agree that you will maintain proof of such
authorization for at least two (2) years from the date of the
authorization, and will supply us with such proof within five (5)
business days of our request. If we have reason to believe that any
Remotely Created Checks you deposit are unauthorized, we may take
any action available to us under Sections 21 or 40 of this Agreement
and/or may require you to post a bond before allowing a withdrawal of
the funds. We may, in our sole discretion, refuse to accept or process
for deposit or collection any Remotely Created Checks at any time,
with or without cause or prior notice. You agree to properly endorse
all checks you deposit. All endorsements on the reverse side of any
check deposited into your account must be placed on the left side of
the check when looking at it from the front, and must be placed so as
to not go beyond an area located 1 1/2 inches from the left edge of the
check, when looking at it from the front. You are also responsible to
make sure at the time you issue any check that the format is such that
there will be no writing whatsoever on the reverse side of the check
placed beyond an area located 1 1/2 inches from the left edge of the
check when looking at it from the front. It is your responsibility to
ensure that these requirements are met and you are responsible for any
loss incurred by us for failure of an endorsement to meet this
requirement. Notwithstanding the foregoing, you acknowledge and
agree that we may accept a check for deposit to your account without
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an endorsement and that you will incur the liability of an indorser even
though you have not endorsed the check.
Unless we agree in writing to the contrary, you agree that you will not
deposit a substitute check if a bank has not made the warranties in
Section 5 of the Check 21 Act (12 U.S.C. § 5004) with respect to
substitute checks (“unwarranted substitute check”). If you deposit
an unwarranted substitute check, you agree to indemnify us against any
loss from any source that we incur (including attorneys' fees and other
costs) and hold us harmless, as the result of your depositing the
unwarranted substitute check. You also agree to indemnify us and hold
us harmless as the result of any loss that we incur if we convert the
check that you deposit to a substitute check or an image, and the image
of the original check is not an accurate representation of the original
check because of the design of the check or the color of the ink used to
print, complete the terms of or indorse the check.
If any check you deposit to your account or you cash is returned
unpaid, we have the right to debit your account for the amount of such
check, even if it causes such account to become overdrawn, and adjust
any related interest earned. If the debit causes your account to become
overdrawn and we receive either the original check or a substitute
check, you agree that we may keep the original check or substitute
check and not return it to you until such time that you deposit sufficient
funds in the account to cover the overdrawn balance. If you do not
make a deposit sufficient to cover the overdrawn balance, we may
attempt collection of the amount of the returned check from the drawer.
While we have no obligation to reprocess the returned check, we can
reprocess and represent the check to the payor bank. We can process a
copy, electronic entry, or other evidence of the returned check. You
waive presentment, notice of dishonor and protest. You will, in any
event, be liable to us for the amount of any check or other Item you
deposit to your account or receive cash that is returned unpaid, plus
our costs and expenses associated with collection of all or any part of
such amount from you, including reasonable attorney fees. In addition,
we may charge back any deposited check or cashed check at any time
for whatever reason, even if the check was not returned timely by the
paying or returning bank. We may charge back any check to your
account on which there is a claim for breach of warranty even after
final settlement of the check. A breach of warranty includes but is not
limited to checks that you have deposited that contain an alteration, a
forged or missing drawer’s signature, a forged or missing
endorsement, checks for which you do not have good title, or Remotely
Created Checks that were not authorized by the account holder. If you
receive a direct deposit from the federal or state government or other
third party and if the government or third party reverses the deposit for
any reason, you authorize us (at our option and without prior notice
and without liability to you) to deduct all or part of that amount even
if it results in an overdrawn balance in your account and the dishonor
of Items drawn on your account without investigating whether such
credit was not properly payable to you. You agree that we may reverse
any credit from a third party if we suspect that the credit is fraudulent
or illegal. We shall not be liable for any damages resulting from the
exercise of these rights. Except as may be attributable to our lack of
good faith or gross negligence, we will not be liable for dishonor
resulting from any reversal of credit, return of deposited or cashed
checks or for any damages resulting from any of those actions.
2. Collection of Deposited Checks. In receiving checks or
images of checks for deposit or collection, we act only as your agent
and assume no responsibility beyond the exercise of ordinary care. All
checks, including “on us” checks (checks received for deposit that are
also drawn on us), are credited subject to final settlement in cash or
credits. We shall have the right, in our sole discretion, to determine the
manner in which checks will be presented to the drawee bank. We
shall also have the right to forward checks to correspondents including
all Federal Reserve Banks and we shall not be liable for default or
neglect of said correspondents for loss in transit, nor shall any
correspondent be liable except for its own gross negligence. You
specifically authorize us or our correspondents to utilize Federal
Reserve Banks to handle such checks in accordance with provisions of
Regulation J (12 CFR Part 210), as revised or amended from time to
time by the Federal Reserve Board. In the event we are subject to local
clearinghouse rules, you specifically authorize us to handle such
checks in accordance with the rules and regulations of the
clearinghouse. You agree to be bound by all other agreements entered
into by us for the purpose of clearing, collecting, presenting or
returning checks.
3. Subaccounts. If the account is a demand deposit account or
a negotiable order of withdrawal (NOW) account, it will be a master
account consisting of two subaccounts: a transaction subaccount and a
nontransaction subaccount. The two subaccounts and the transactions
between them are for the purpose of improving our efficiency and have
no effect on your account or your ability to use it. The amount of
interest you earn, the fees you incur, and your periodic account
statements are not affected. We will maintain information on the two
subaccounts for regulatory reporting purposes only. All statements will
consolidate the two subaccounts into the master account and show it
as a single account. At the beginning of each statement period, we will
allocate the balance in the master account between the two subaccounts
based on formulae we can periodically change. All your Items will be
posted against the transaction subaccount. If additional funds are
needed, we automatically (without charge) transfer available funds
from the nontransaction subaccount. If excess funds accumulate in the
transaction subaccount, we can transfer them to the nontransaction
subaccount. Federal regulations limit preauthorized transfers from the
nontransaction to the transaction subaccount to six (6) per monthly
statement period. In the sixth transfer in such period, we move the
entire balance in the nontransaction subaccount to the transaction
subaccount for the remainder of that statement period. The full
collected balance in both subaccounts will be available at all times to
pay your Items.
4. Right of Setoff/Security Interest. Unless otherwise
prohibited by law, we may exercise the right of setoff, that is, the right
under certain circumstances, to use funds in your account to pay any
debts you owe us or our affiliates now or in the future, either before or
after any default. If the debt arises from a note, “any due and payable
debt” includes the total amount of which we are entitled to demand
payment under the terms of the note at the time we set off, including
any balance on the due date for which we properly accelerate under the
note. We may recover funds you owe us from any of your accounts
with us. For accounts with more than one owner, we may treat any
name on the account as the sole owner and agent of that account and
we may exercise this right of setoff to pay individual debts of any
owner. If you are the sole proprietor or general partner of a business,
you agree that we have the right of setoff under this paragraph against
the funds in any of your personal accounts for the debts of your
business. You expressly agree that our rights extend to any federal or
state benefit payments (including Social Security benefits) deposited
to your account. We will not be liable for the dishonor of any check
or other Item when the dishonor occurs because we set off a debt
against this account. You agree to indemnify and hold us harmless
from any claim arising as a result of our exercise of our right of setoff.
You hereby grant us a security interest in all funds on deposit in any
of your accounts that you maintain with us. This security interest is
consensual and secures all present and future debt you owe to us.
5. Legal Process. We may accept and act on any Legal Process
that we believe to be valid without any liability by us to you, whether
served in person, by mail or by facsimile transmission at any of our
offices and irrespective of whether issued by a court with jurisdiction
over us or served on a person authorized to receive service of process
on our behalf. “Legal Process” includes a subpoena, restraining order,
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injunction, writ of attachment or execution, levy, garnishment, tax
withholding order, search warrant, forfeiture or other similar order
relating to your account. We may charge your account a Legal Process
fee for each order. You agree to pay our fees and expenses for research
and copying of documents and all other expenses, including
administrative expenses, we incur in responding to any Legal Process
related to your account. These may include attorneys' fees. We may
deduct these fees and expenses from any of your accounts without prior
notice to you. Any Legal Process or other levy against your account is
subject to our right of setoff and any security interest we have in the
account. If a bankruptcy or similar proceeding is filed by or against
any owner, we may place an administrative hold on part or all of the
balance while we seek to have the automatic stay lifted. If we receive
any Legal Process related to or seeking funds or information pertaining
to your account, you acknowledge and agree that you are solely
responsible for appearing before the authority that issued or otherwise
has jurisdiction over such Legal Process and invoking any exception,
exemption, objection, defense, or other protection you believe may be
available to you and that we will not be required to make a
determination as to the availability or viability of any such exception,
exemption, objection, defense, or other protection.
6. Available Balance. The “Available Balance” in your
account is the ending ledger balance on the previous Business Day
after we have posted all transactions, plus or minus pending
transactions (such as certain deposits, debit card transactions or ATM
withdrawals) that have not yet posted to your account, and minus any
holds that we have placed on your account. The Available Balance is
not adjusted for transactions, such as checks that you have issued or
debit card transactions we have not been requested to authorize, that
have not been presented for payment. Holds for debit card transactions
that were authorized by a merchant but were released prior to payment
of the Item will impact the Available Balance. For example, if a
merchant obtains authorization on a signature based debit card
transaction, a hold is placed on your account for the amount requested
by the merchant (which is usually the same as the transaction amount,
but not always; see Section 9 below for more information) for a
specific period of time (ordinarily at least three (3) Business Days) or
until the Item is paid, whichever occurs first. During the hold period,
the amount requested by the merchant will be deducted from your
Available Balance. If the hold is released prior to payment of the Item,
the amount requested by the merchant is added back to your Available
Balance. If the debit card transaction is subsequently paid, the amount
of the debit card transaction will be deducted from your Available
Balance at that time. You are responsible for keeping accurate records
concerning transactions on your account and whether transactions have
been deposited, presented and paid, or whether the transactions are
outstanding. This responsibility includes making inquiry and noting
the amount of the hold placed by a merchant at the time of
authorization (see Section 9 for more explanation).
7. Withdrawals from your account. Unless indicated
otherwise on our account records, any person you authorize may
withdraw or transfer all or any part of the funds in your account. All
checks and withdrawal forms used in connection with your account
must be on forms obtained through or approved by us. We may refuse
any check or Item drawn against your account or used to withdraw
funds from your account if it is not on a form obtained through or
approved by us. You agree to verify all information contained on
checks and withdrawal forms prior to use.
We may debit your account for a check or other Item drawn on your
account either on the day it is presented to us for payment, by
electronic or other means, or on the day we receive notice that the
check or Item has been deposited or cashed at another financial
institution, whichever is earlier. We may debit your account for a copy
of a check that you have issued, provided we have not already paid the
original check at the time the copy is presented for payment. The term
“copy” of your check includes an Item that is an image of the front and
back of the original check that does not meet the requirements of a
substitute check as that term is defined in the Check 21 Act. We may
determine the Available Balance in your account and make our
decision on an insufficient funds Item at any time between our receipt
of the check, Item or notice and the time we must return the Item. We
are required to determine your account balance only once during this
time period.
We process Items mechanically by relying on the information encoded
in magnetic ink character recognition along the bottom of the Items
and you agree that we have met the standard of care that you expect
from us when we pay checks or other Items by this method. This
means that we do not individually examine all of your Items to
determine if the Item is properly completed, signed and endorsed and
you acknowledge that payment by this method is in accordance with
reasonable banking standards and constitutes ordinary care in paying
checks or Items.
Generally, we post deposits and other credits received by us before the
deposit cut-off time first and then we post withdrawals (debits) such as
checks and electronic debits by categories and priorities within the
category. The withdrawals are placed in categories defined by us
based on the type of withdrawal. The following are examples of the
types of withdrawals in the sequence in which the categories are
currently posted:
Debits we have already paid (such as checks and ATM
withdrawals), debits we are obligated to pay and want to
pay ahead of other debits we are obligated to pay, and
certain electronic transfers.
Other debits we are obligated to pay (such as debit card
transactions we have authorized and settlement for funds
transfers that we have accepted or executed) and recurring
debit card debits.
Other electronic debits (electronic banking, and Automated
Clearing House (ACH) debits)
Checks issued by you and certain internal debits
Bank fees (service charge, stop payment fees, wire transfer
fees, etc.)
The above debits are only examples and do not include all types of
debits that may be posted to your account.
The priorities of posting debits within the categories are based on the
type of withdrawal and whether the withdrawal contains a check or
sequence number or whether we can determine the date and time of an
electronic debit. For example, debits, such as checks that you issue,
are posted in check number sequence and certain electronic debits are
posted based on the date and time we first receive notice of the
transaction. For example, if a merchant requests pre-authorization for
an electronic debit transaction, then we will post the transaction based
on the date and time the pre-authorization was requested. If we receive
an electronic debit transaction for which no pre-authorization was
requested, then we will post the transaction based on the date and time
the transaction was received by us for settlement. If we cannot
determine the check number or the date and time of the electronic
debit, we will generally post the debits according to some neutral,
consistent order such as in ascending order from the smallest amount
to the largest amount. We reserve the right to change the categories,
the sequence of posting the categories, and the sequence of posting
transactions within a category without notice to you.
We may enter into or become subject to agreements for electronic
presentment, and you agree to be bound by the terms of such
agreements and authorize payment of a substitute check or Item based
upon information describing the check or Item rather than physical
delivery of the check or Item itself.
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We are authorized to rely upon any document provided by you to us,
which indicates the persons authorized to act on your behalf until the
authority from any such person is terminated in writing in the manner
hereinafter provided. If you have authorized multiple signers to issue
checks, we may limit use of the account until all have signed the
signature card. If you terminate the authority of any signer, we are not
bound by that termination until we have received the written
termination instruction, it is complete in all material respects in order
to allow us to act on the termination instruction, and we have had a
reasonable opportunity to act on the termination instruction prior to
any action by us with respect to the account or any Item. You agree
that one Business Day to act upon a termination instruction is a
reasonable amount of time.
We (without liability) may refuse to pay an Item if we are unable to
determine whether the Item is signed or authorized by you or an
authorized signer. You agree that your failure to give us a signature
card signed by you, all account owners, and all authorized signers shall
be a waiver of any claim for unauthorized signature that you may have
against us for paying an Item signed or authorized by you or any person
that you list (or ask us to add) as an authorized signer. You agree that
our payment of any such Item (and this procedure) is commercially
reasonable and that we are not liable for making payment on any and
all such Items. If you do not give us a signature card signed by you and
all owners and authorized signers, you assume all liability for any and
all unauthorized transactions and you agree to indemnify us against
and hold us harmless from any loss we incur as a result of your failure
to return a signature card to us signed by all the authorized signers on
the account. If you require more than one signature on your checks or
more than one authorization on your Items, you agree that such a
requirement is for your sole internal benefit and that you will
indemnify us for all liability arising out of and/or related to such a
requirement. You acknowledge and agree that we (without liability)
will not examine Items for multiple signatures and will not return Items
that have only one signature or one authorization. We will pay Items
that contain only one authorized signature even if there is language on
the Item stating that multiple signatures are required for payment. By
using any service provided by us, you represent and warrant that the
execution, delivery and performance by you of any agreement or
acknowledgement covering such service has been duly authorized by
necessary action and does not and will not violate any provision of law
or your charter or by-laws, or result in the breach of or constitute a
default under any other agreement or instrument by which you are
bound or affected.
In order to induce us to honor any request, direction or instruction
regarding your account, or the services provided by us to you,
including but not limited to services enumerated in this Agreement,
you hereby agree to indemnify and hold us harmless from and against
any and all claims, damages, demands, judgments, liabilities, losses,
costs and expenses (including attorneys' fees) resulting directly or
indirectly from our alleged acceptance or execution of any request,
direction or instruction, on the part of any individual listed as a person
authorized to act on your behalf in any document provided by you to
us.
8. Non-Sufficient Funds And Overdrafts. We determine the
Available Balance in your account (as more fully explained above in
Section 6) to decide whether to authorize or permit payment of an Item
and also to decide whether to return a check or deny payment of an
Item for non-sufficient funds (an “NSF Item”). We need only make
one determination, but if we choose to make a subsequent
determination, the Available Balance at the subsequent time will
determine whether there are sufficient available funds. An “overdraft”
is a negative Available Balance in your account that occurs when the
Available Balance is insufficient to cover an Item, but we pay it
anyway. At our discretion, we may either honor (i.e. pay) or dishonor
(i.e. not pay) an NSF Item that will create an overdraft. We are not
required to send you prior notice of NSF Items we pay which create an
overdraft or NSF Items we return. “Overdraft Service(s)” refers to
specific services that we offer to pay or cover NSF Items, such as a
link to a savings account or a line of credit, for which you must qualify
and in which you must enroll. We may pay or cover an NSF Item and
prevent an overdraft under any such Overdraft Service(s) to the extent
you enrolled in any such product and there are sufficient funds
available to cover such Item. Please refer to the enrollment form or
agreement for the applicable Overdraft Service(s) for details and fees
associated with such product. If you are not enrolled in an Overdraft
Service(s) or such product(s) is insufficient to cover an NSF Item, we
may process and pay such Item and create an overdraft under our
standard, discretionary overdraft practices that may be applicable to
your account. Whether we pay, authorize, return, decline, or reject an
NSF Item under our standard, discretionary overdraft practices
depends upon a number of factors, including the amount of the Item,
the past activity in your account, and opt-in or opt-out elections you
have made. If you overdraw your account, you agree to repay us
immediately, without notice or demand from us. Furthermore, if we
elect to authorize or pay NSF Items creating overdrafts on any one or
more occasions, we do not waive our rights to refuse to do so at any
other time, and do not agree to pay other NSF Items. Except as noted
below with respect to ATM transactions and one-time debit card
transactions, we will exercise our discretion to pay an NSF Item, create
an overdraft, and assess an overdraft fee unless you tell us not to do so,
i.e., you may opt-out of our payment of such Items and the creation of
an overdraft. Even if you opt-out of payment of such NSF Items and
the creation of an overdraft, there are circumstances when we may still
pay or debit your account and create an overdraft, such as when you
request that we do so as to a specific Item, when an Item that is credited
to your account is subsequently returned unpaid, payment of fees
related to the account that have been disclosed, entries made to correct
account errors, or other circumstances when we are obligated to pay
an Item. However, if your account was established primarily for
personal, family, or household purposes, we generally will not
authorize ATM transactions and one-time debit card transactions that
would create overdrafts unless you opt-in to our payment of such Items
and agree to pay any resulting overdraft fees. You may opt-in to our
payment of ATM and one-time debit card transactions or opt-out of
our payment of NSF Items that create overdrafts by calling us at 1-877-
367-5371 or by writing us at Renasant Bank, Attn: Payment Services,
P.O. Box 4140, Tupelo, MS 38803. For joint accounts, an opt-out or
opt-in election (or the revocation of an opt-out or opt-in election) by
one joint account holder will be treated as such an election by all joint
holders of such account. In the event of conflicting elections from
different joint holders, we may honor either election at our discretion.
Any time your account (including any coverage under an Overdraft
Service(s)) does not contain a sufficient Available Balance to pay
Items presented to us for payment, we will charge a fee to your account
for each NSF Item presented, even if we do not pay those Items, up to
a maximum number of fees charged per day that we establish from
time to time. You agree that since the balance reflected on your bank
statement is the “ledger balance” and not the Available Balance, you
may incur an NSF fee even though the statement indicates that the
ledger balance was sufficient to pay the Item on the day the item was
presented. You agree to pay the non-sufficient funds (NSF) charge or
the overdraft charge, whichever is applicable, as specified in the
schedule of fees in the Common Fee Schedule and further agree that
such fee may be charged to your account without prior notice. You
agree to deposit sufficient funds to cover any overdraft and unpaid fees
upon notice of the overdraft. You also agree that we may collect
overdrafts and the related charges from subsequent deposits, including
direct deposits of social security or other government benefits. You
also agree to reimburse us for any costs we incur in collecting an
overdraft from you including, without limitation, reasonable attorney
fees and the costs of litigation, to the extent permitted by law. You can
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avoid fees for non-sufficient funds and the possibility of returned
checks or other Items by ensuring that your account contains a
sufficient Available Balance for all your transactions. Banking
services that may assist you to avoid overdrafts and returned Items
include direct deposit and electronic banking, including online alerts.
Please also inquire about our Overdraft Service(s). The fees that apply
to our Overdraft Service(s) may be lower than non-sufficient funds and
overdraft charges.
9. ATM Card or Debit Card Transactions. When you use
your ATM Card or Debit Card to make a withdrawal at an ATM or if
you make a purchase at a point of sale (“POS”) and use a personal
identification number (“PIN”), we will generally reduce the Available
Balance (as more fully explained above in Section 6) in your account
by the amount of the transaction at the time of the transaction. The
actual transaction will generally be posted that same Business Day
along with all other transactions as part of our normal posting process.
If the transaction is made after our processing cut-off time (which is
currently 6:00 p.m. Central Time but may change from time to time in
our discretion), we will place a hold on your account for one (1)
Business Day for the amount of the transaction. If you use your Debit
Card at a POS and use your signature to authorize the transaction, we
will place a hold on your account for the amount requested by the
merchant if the merchant obtains pre-authorization for the transaction
(“Authorized Transaction”). In many cases the amount of the hold
requested by the merchant on an Authorized Transaction will be the
same as the amount of the actual transaction; however, this may not be
the case in those instances where the final transaction amount is not
known at the time that the pre-authorization is requested (such as an
Authorized Transaction made at a hotel, restaurant, gas station or
similar merchant). In these cases, the amount of the hold may be more
or less than the amount of the actual transaction, and you acknowledge
that there is no way for our processing systems to know whether the
hold amount and the actual transaction amount are the same until such
time as the Authorized Transaction is presented for payment. The hold
will last until the earlier of the expiration of the hold period or the
Business Day we pay the Authorized Transaction on your account.
The hold period ordinarily will expire at the end of the third (3rd)
Business Day after the authorization, but could last longer depending
on the type of merchant and/or transaction and the payment processor’s
guidelines. The Available Balance of your account will be reduced by
the amount of the hold during this period of time. This means that the
amount of the funds held will not be available to pay other Items, such
as checks, Debit Card, or ACH transactions that are presented for
payment during the time that the funds are held and may result in NSF
or overdraft charges, as applicable, if the amount of Items presented
exceeds the Available Balance during the time that the hold is in place.
If the Authorized Transaction is not presented for payment within the
hold period, we will release the hold, which will increase the Available
Balance in your account by the amount of the Authorized Transaction
until the Authorized Transaction is presented for payment. If we
release the hold on your account and you use those same funds to make
other purchases or withdrawals, your account may become overdrawn
and, if you have opted-in, you may be assessed an overdraft fee if the
Authorized Transaction is subsequently presented for payment. It is
your responsibility to keep track of all of the transactions you have
made on your account. Pre-authorization requests may be in amounts
different from the total amount of the sales slip. Also, if any of the
information provided to us for the pre-authorization does not match the
information provided us for the Authorized Transaction, such as Debit
Card number, merchant number, pre-authorization key number or
transaction amount, our computer system may not be able to match the
Authorized Transaction with the pre-authorization, and the pre-
authorization hold may remain on your account until the expiration of
the hold period, even if the Authorized Transaction has actually posted
to your account. You agree that we will not be liable to you for
wrongful dishonor of any check, Debit Card transaction, ATM card
transaction, ACH transfer, withdrawal or other debit Item on your
account that is not paid by us or is returned by us unpaid due to a pre-
authorized hold during the period of time the hold is in place, even if
the Authorized Transaction has posted to your account.
10. Accounts Opened Through the Online Banking Service. By completing an application and opening your account online through
the Online Banking service, funding the account, or using any of the
services provided through the Online Banking service, you agree to be
bound by the terms of this Agreement. By electronically
signing/accepting this Agreement, you and, if applicable, any joint
account holder acknowledge that you have read, understand and agree
to the terms of this Agreement. When opening your account Online,
you will be provided a signature card which each authorized signatory
on the account must sign and return to us. If you fail to sign and return
the signature card, you acknowledge that all checks presented for
payment will be processed and paid without regard to the fact that the
signature card has not been returned. You understand and agree that
the signature(s) on checks presented for payment shall establish the
signature authority on your account and any subsequent check
containing that signature(s) will be paid by us and you agree the check
shall be properly payable. You also agree that your failure to
immediately sign and return the signature card to us shall be a waiver
of any claim that you may have against us for paying checks on your
account even if you claim the signature is not authorized. You further
agree that we are not liable for making payment on any and all such
checks, and that our payment of such checks and this procedure is
commercially reasonable. You also agree to indemnify and hold us
harmless from any loss incurred by us as a result of your failure to sign
and return the signature card to us. If you do not sign and return the
signature card to us, you assume all liability for any and all
unauthorized transactions. Your obligations contained in this Section
10 are in addition to other obligations contained in this Agreement.
11. Authority. You will not grant any person authority to
conduct business with us on your behalf until we have reviewed the
terms of your authorization and have accepted such authorization. This
includes authority such as power of attorney, bill-paying arrangement,
or other method. If we dishonor Items, you will not claim that we
wrongfully dishonored Items presented to us before we accepted the
authorization. If you have not given us the proposed authorization for
advance review, we may, in good faith, honor Items and instruction
from the person you authorized. Unless prohibited by law, we have no
obligation to recognize and we may, with or without cause, refuse to
honor powers of attorney that you grant to others. You agree that we
may honor transactions initiated by your attorney-in-fact without
making a determination as to whether the power of attorney has been
revoked or whether the transaction is within the authority of the power
of attorney. The authority of your attorney-in-fact to act on your behalf
shall terminate upon our receiving actual notice of your death or upon
receipt of written revocation from you that is complete in all material
respects in order to allow us to act on the revocation. In either instance,
you agree that we will have a reasonable opportunity to act on this
notice of your death or our receipt of your revocation prior to any
action by us with respect to the account or any Item. You agree that
for any power of attorney to be revoked by notice of your death, the
notice of your death must actually, rather than constructively, come to
the attention of the person who initially accepted the power of attorney
on our behalf. You agree that one Business Day to act upon a
revocation or notice of your death is a reasonable amount of time. You
hereby indemnify and agree to hold us harmless from any loss, cost, or
expenses, including reasonable attorneys’ fees, incurred by us as the
result of our actions or our refusal to act on instructions provided to us
by your attorney-in-fact. You will not hold us responsible if some
person you authorized to do business with us misapplies your money.
You assume all risk of improper acts by such person. We may consider
an authorization valid until we actually receive written revocation of it
and have had reasonable time to review and act upon it. If we accept
an authority, we may revoke our acceptance of that authority at any
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time at our discretion. If you voluntarily disclose information about the
account that would permit some person to initiate a debit to the account
(such as account number, bank routing number, and next unused check
number) to a person or entity who wants to sell you goods or services,
then you will be deemed to have authorized us to pay any debit to your
account that person initiates. You authorize us to pay such Items if
presented for payment against your account. Your failure to examine
your statement and to notify us of your objection to our payment of
these Items as required in Section 35 of this Agreement, shall
constitute authorization by you for us to charge against your account
any subsequent Item generated by the same third party. If you no
longer wish such subsequent Items to be charged to your account, we
may require you to close that account with us.
12. Account Ownership. The following Sections 13 through 20
address account ownership, beneficiary designation (if any) and
authorized signers. You must select the form of account and the
designation of the beneficiary. We do not make any representations as
to the appropriateness of the type of account that you select or whether
the type of account that you select meets your needs. Your choice of
the type of account that you open is specified on the Signature Card or
other account records. Your choice impacts who gets the funds in your
account at your death. Without regard to the type account you choose,
you acknowledge and agree that our relationship with you concerning
the account is that of a debtor and creditor and no fiduciary relationship
exists between you and us.
13. Individual/Single-Party Account. An individual/single-
party account is an account in the name of and is owned by one person.
An individual/single party account does not create any ownership in
any person by survivorship. The named individual may designate
others who are authorized signatories on the account.
14. Multi-Party/Joint Account. A multi-party/joint account is
in the name of two or more persons with rights of survivorship
regardless of whether the conjunction separating the persons’
names is an “or” or an “and”. (A multi-party/joint account is not
community property and is not held as tenants in common nor as
tenants by the entirety.) Funds in a multi-party/joint account are
payable to or at the direction of any account holder (regardless of who
contributed the funds and the amount of contributions). At the
death of an account holder, ownership passes to the surviving account
holder(s), subject to holds, pledges (to which we have agreed), and our
security interest and right of setoff (as it existed immediately prior to
the death of the account holder). If there is more than one surviving
account holder, the account remains a multi-party/joint account with
right of survivorship, and each surviving account holder has an equal
right to account funds even if one of the surviving account holders was
the spouse of the deceased account holder. Each depositor of a multi-
party/joint account hereby irrevocably appoints the other depositor(s)
as his or her attorney-in-fact, to the extent allowed by law and unless
otherwise prohibited by us in our sole discretion, to conduct all
business with respect to the account including, but not limited to, (1)
contracting for services on the account (such as, internet banking, e-
statements, combined statements, etc.), (2) issuing stop payment
orders, (3) depositing funds to the account, (4) withdrawing funds from
the account, (5) overdrawing the account, (6) closing the account and
receiving the balance of funds on deposit, (7) changing account types,
(8) adding or removing authorized signers, (9) giving other(s) the
authority to transact business on the account, (10) pledging to us or a
creditor all or part of the account or funds in the account, (11)
authorizing release of account information, (12) giving and receiving
notices, instructions and account information, (13) adding or removing
owners, unless otherwise provided by law, (14) endorsing for any other
depositor any Item payable to any other depositor (or payable jointly
to any other depositor and any other person) and either depositing the
Item in the account or receiving all or any part of the Item in cash, etc,
and (15) entering into any agreement with us with respect to the
account. The authority granted herein to each depositor shall extend
to any conservator, guardian, or other fiduciary or personal
representative of such depositor. Subject to Section 11 of this
Agreement, each depositor also may appoint one or more attorneys-in-
fact without notice to or consent of any other depositor, and no other
depositor will have the authority to revoke or limit the power of
attorney made by another depositor. We may, at our discretion, require
that all depositors sign the power of attorney before we will recognize
it. We are not required to remove a depositor from the title to a multi-
party/joint account without the written consent of the other
depositor(s). We are not required to tell you about actions taken by
another joint owner and are not prohibited from advising the other joint
owner of actions taken by you. The liability of each depositor on a
multi-party/joint account is joint and several (and solidarily if
applicable).
15. “In Trust For” / Payable On Death (POD) Accounts. If
a personal account is opened without a written trust agreement and the
account is in the name of one or more depositors for the benefit of one
or more beneficiaries, or the account is in the name of the beneficiary
by another person, or if the owner(s) of the account designate one or
more pay-on-death beneficiaries, all funds in the account will be paid,
upon the death of the owner or surviving owners, in equal shares to the
person or persons then living who are named as beneficiary or
beneficiaries (whether an adult or minor). Payment to such person or
persons shall fully release us from all liability. The money in the
account will not be inherited by the heirs of the owners(s) of the
account or controlled by the will of such owners(s). During the
lifetime of the owner(s) of the account, any interest of the beneficiary
or beneficiaries in such an account shall be deemed for all purposes to
be revocable and only the owners(s) or their designated authorized
signers may withdraw funds therefrom. All payable-on-death accounts
are subject to applicable law, our security interest in the account, and
our right of setoff.
16. Uniform Transfers to Minors Account (“UTMA”). A
UTMA is opened by an individual of legal age acting as custodian for
a minor. The custodian agrees that funds placed in the account are the
irrevocable property of the minor, who is entitled to the funds at age
21 or earlier if required by state law. Until that time, the custodian will
control the funds and must abide by state law regarding such accounts,
including responsibility for using the funds only for the minor and
transferring control of the funds to the minor once he/she reaches age
21 (or earlier if required by state law). The custodian and successor
custodians agree to indemnify us for all claims asserted by and/or on
behalf of the minor and for our attorneys’ fees and costs. We are not
required to ensure that a custodian complies with the law but shall have
no liability to the custodian for requiring compliance or satisfactory
evidence of compliance with state law. We may refuse to allow the
custodian to convert a UTMA account to any other form of account. A
UTMA may have only one custodian unless otherwise expressly
permitted by state law.
17. Organization/Business Account. This type account is
owned by a business or organization (such as, for example, a
corporation, partnership, limited partnership, limited liability
company, etc.). The organization/business (“organization”) at our
request must provide satisfactory evidence of its existence and
designate in writing, in form satisfactory to us, the person(s) permitted
to make withdrawals from and take other actions on the account. We
have no liability for misuse of account funds by such persons. The
designation is binding on the organization until we receive (and have
a reasonable opportunity to act on) written notice, in a form
satisfactory to us, from the organization that the designation is
amended or terminated. You agree that one Business Day to act upon
an amended or terminated designation is a reasonable amount of time.
The organization agrees to notify us promptly in writing of any change
in the legal status of the organization, its name, or in the authority of
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any person to act for the organization. Unless otherwise provided by
law or our policy, all calculations of interest or earnings credit for
analysis purposes shall be based on the collected balance in the account
for the period of time for which the calculation is made.
18. Fiduciary Account. Such account is opened by a
“fiduciary” (such as, a guardian, conservator, executor/executrix,
administrator/administratrix, trustee, custodian, etc.) acting under a
“fiduciary document” (such as, a court order, trust, will, agreement,
etc.) for another person (“beneficiary”). At our request, the fiduciary
shall provide certification of the existence of the fiduciary relationship
and the fiduciary's status and authority. We are not a fiduciary on the
account and may rely on any certification provided by the fiduciary.
We are not required to and will not (1) enforce the terms of the
fiduciary document and/or (2) monitor the account for compliance
with the fiduciary document. We have no duty to ensure proper use of
account funds by the fiduciary. We are not liable for misuse of account
funds. Each fiduciary agrees to comply with the fiduciary document
and to ensure proper use of account funds. Each fiduciary guarantees
that all other fiduciaries will comply with all fiduciary documents.
Each fiduciary agrees to tell us if a fiduciary document and/or the
authority of that fiduciary or another fiduciary changes. Each fiduciary
is liable for the actions of that fiduciary and every other fiduciary on
the account. Each fiduciary agrees to indemnify and hold us harmless
for all claims asserted by and/or on behalf on a beneficiary or another
fiduciary and for our attorneys’ fees and costs arising from the
fiduciary’s transactions on the account.
19. Additional Authorized Signatory. An owner of a personal
account may add authorized signer(s) to the account. On a multi-
party/joint account, any account owner (by himself or herself without
the other account owners) may add an authorized signer to the account
and/or may remove an authorized signer even if another account owner
added the authorized signer, but we, in our discretion, may require all
owners to act. On any account on which there are authorized signers,
the additional authorized signatory is merely designated to conduct
transactions on the owner’s behalf and does not have any ownership
rights in or to the account. Therefore, an authorized signer can make
certain transactions on the account (including, but not limited to,
deposits, withdrawals, transfers of funds, creation of overdrafts, stop
payment on Items, endorsement of Items, receipt of notice, etc.) but
cannot add or delete owners. The authority of an authorized signer will
not be affected by and will survive the subsequent disability or
incapacity of the account owner(s). The authorized signer’s authority
will end if the owner dies and we receive actual notice of that death, or
if there is more than one owner, the authorized signer’s authority will
end at the death of the last owner and we receive actual notice of that
death, and, in either case, we have had reasonable opportunity to act.
Actual notice shall mean notice to an employee who has responsibility
over administration of the account and who has actual notice of both
the existence of the authorized signer and the death of the owner on the
account. We have no duty to ensure that transactions are for the
owner’s benefit.
20. Special State Law Provisions. The following terms and
conditions are applicable only to accounts in the states indicated and
supplement the other terms and conditions of this Agreement. In the
event the following provisions conflict with the other terms and
conditions of this Agreement, the following provisions shall control
(but only to the extent necessary to resolve any such conflict in terms)
with respect to accounts in the states indicated.
Alabama & Florida Account Provisions:
Single-Party Account. At death of the party, ownership passes as part
of the party’s estate, subject to any applicable law granting right of
withdrawal to persons other than estate representatives.
Single-Party Account with a Pay-on-Death Designation. At death
of the party, ownership passes to the designated pay-on-death
beneficiaries and is not part of the party’s estate.
Multiple-Party Account with Right of Survivorship. At death of a
party, ownership passes to the surviving party or parties (regardless
of who contributed the funds and the amount of contributions and
even if one of the surviving account holders was the spouse of the
deceased account holder).
Multiple-Party Account with Right of Survivorship and a Pay-on-
Death Designation. At the death of the last surviving party, ownership
passes to the designated pay-on-death beneficiaries and is not part of
the last surviving party’s estate.
Florida Account Provisions:
Multiple-Party Account – Tenancy by the Entireties. The parties
to the account are husband and wife, as determined by applicable state
law, and hold the account as tenants by the entireties. Upon the death
of one of the spouse owners, the account will belong to the surviving
spouse owner. We may, at our discretion, require proof of marriage
before allowing this account type to be established. If your account is
in your name and your spouse’s name, it will be deemed for all
purposes as a Multi-Party/Joint Account with rights of survivorship in
accordance with the terms in Section 14 above and not as an account
of tenants by the entireties unless the establishment of tenants by the
entireties is otherwise expressly designated in writing on the signature
card. If your account is deemed to be held by you and a co-owner as
tenants by the entireties, either by contract or by state law, then each
of you agree that: (i) as between you and the Bank, we will treat the
account as any other Multi-Party/Joint Account with rights of
survivorship in accordance with the provisions set forth in Sections 4
and 14 above. We may exercise our right of setoff and enforce our
security interest in the entire account, even though only one of the
owners is the debtor, and that these rights exist irrespective of who
contributed funds to the account. Similarly, we can enforce overdraft
liability in the account against any owner individually; and (ii)
notwithstanding anything to the contrary in subsection (i), in dealing
with any Legal Process (as defined above in Section 5) related to the
account, we shall not be obligated to assert any rights or protections
afforded by the tenants by the entireties status and absent a court order
to the contrary may elect to accept and act on the Legal Process in the
same manner as any other joint account without regard to the tenants
by the entireties status or may elect to hold funds in the account or
otherwise delay acting on such Legal Process pending a judicial
determination as to rights of the third party under such Legal Process.
Any such determination and election shall be at our sole discretion and
without any obligation to do so either to you or to any other party
claiming an interest in such Legal Process. You further acknowledge
that as to the rights of a third party with interest in such Legal Process
we will not be required to make a determination as to whether the
account qualifies as a tenants by the entireties account and as to the
viability of any protection that may be available to you with respect to
the account due to such status, and you agree to bear the responsibility
of appearing before the court and invoking any additional protection
offered by your tenants by the entireties ownership of the account.
Without limitation on the foregoing, it is incumbent on you to assert
not only the existence of such tenants by the entireties status but any
protections afforded by such status as well.
Convenience Account (Single-Party Account only). A convenience
account under Florida law is a deposit account, other than a certificate
of deposit, in the name of one individual (principal) in which one or
more other individuals have been designated as agents with the right
to make deposits to and to withdraw funds from or draw checks on
such account. (We have no duty to monitor the account to ensure that
the agent acts for the principal. We are not liable if agent does not act
for the principal.) Only the principal may designate, substitute, or
remove an agent. The principal owns the account. An agent has no
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ownership rights in the account. At principal’s death, the account
balance is paid to the court appointed personal representative of
principal’s estate or as otherwise provided by law, subject to any lien
and Bank’s security interest and right of setoff.
21. Disputed Authority – Blocking Transactions. If anyone
claims ownership over funds, and we have a good faith doubt about
whether to recognize the claim, we may hold some or all of the balance
until the claim is resolved. We may interplead some or all of the
balance into court or take other action to determine ownership. You
also agree that we may take any action we deem necessary and
appropriate, including but not limited to holding the funds in the
account pending a declaratory judgment, if we question whether you
are entitled to the funds in your account for any reason. For example,
if you deposit a check payable to another person who has not endorsed
the check or if funds are electronically deposited to your account and
you are not the named beneficiary of the electronic payment, you will
not claim that we wrongfully dishonored Items that were presented to
us and returned by us while such a dispute was pending. We may also
block, restrict, decline or prevent transactions to or from your account
if we, in our sole discretion, deem such action necessary to protect you
or us or to comply with any Legal Process (as defined above in Section
5) or other legal requirements. We shall have no liability to you if we
take such action to restrict or prevent transactions.
22. Transfers and Assignments. You cannot assign or transfer
an interest in your account (including, without limitation, a security
interest or pledge of your account to someone other than us) unless we
agree in writing. We are not required to give consent to a security
interest or pledge to someone else. Any actual or purported assignment
of the account remains subject to our right of setoff and our security
interest. We may assign this Agreement to any directly or indirectly
affiliated or unaffiliated company. We may also assign or delegate
certain of our rights and responsibilities under this Agreement to
independent contractors or third parties.
23. Checks and Deposit Slips. You will use only approved
check and deposit slips. You will verify your name, address, telephone,
and the numbers in the magnetic ink character recognition line across
the bottom and the face of each document in each order of checks and
deposit slips. If there is an error, you will not use the affected
documents, but will notify us and the printer immediately. You will
not hold us responsible for any amount beyond the replacement cost of
any order that is placed through us (and you will bear costs of any order
not placed through us). You will not order checks with the same check
serial number on every check. Each check must be sequentially
numbered.
You understand that we or another bank may use image technology to
archive copies of your checks and deposit tickets. You agree that you
will only use checks and deposit slips and, when completing
documents, will only use ink that can be imaged and that will produce
a clear image of the check or deposit ticket.
24. Lost, Stolen Checks, Counterfeit or Other Unauthorized
Checks. You must notify us immediately if any of your checks or
encoded withdrawal tickets are lost or stolen or if a counterfeit or other
unauthorized check is presented for payment or is paid on your
account. If you believe that your checks have been stolen or if a
counterfeit or other unauthorized check is presented for payment or is
paid on your account, we may ask that you close your account for your
protection and open another account in order to minimize unauthorized
access to your funds. If we request you close your account under these
circumstances and you fail or refuse to do so, you agree to relieve us
of any liability for losses you may incur as a result of the unauthorized
use of lost or stolen checks or withdrawal tickets or the payment of
subsequent counterfeit or unauthorized checks or debits.
25. Facsimile Signatures. If you choose to use a facsimile
signature, you authorize us, at any time, to charge you for all checks,
drafts, or other orders for the payment of money, that are drawn on us
regardless of by whom or by what means the facsimile signature(s)
may have been affixed so long as they resemble the facsimile signature
specimen in our files. If you choose to use a facsimile signature, you
are responsible, even if you have not presented us with a specimen
facsimile signature, or if the size, color style of the check, or the size,
color or style of the facsimile signature is different from that of the
check or facsimile signature you use. We may pay the withdrawal and
charge your account for it. You agree to compensate us for all losses,
claims, damages or expenses, including reasonable attorneys' fees that
result from our payment of a withdrawal bearing a facsimile that
resembles your facsimile signature.
26. Restrictive Legends. We are not required to honor any
restrictive legend on checks you write unless we have agreed to the
restriction in a writing signed by an officer of the financial institution.
Examples of restrictive legends are “must be presented within 90 days”
or “not valid for more than $1,000.00.”
27. Stale or Postdated Checks. We reserve the right to pay or
dishonor a check more than six (6) months old without prior notice to
you. You agree not to postdate any check drawn on the account. If you
do and the check is presented for payment before the date of the check,
we may pay the check unless you have asked us not to pay the
postdated check before its date. To do so, you must give us a postdating
order for which we may assess a fee. If we do elect to assess a fee for
accepting the postdating order, you agree to pay the fee which will be
listed in the Common Fee Schedule. You may request an order in
person, by mail or by telephone. If you give us oral instructions, we
may require you to confirm them in writing. We are not liable to you
for paying any stale, or postdated check, and you agree to reimburse
us for any loss we might suffer as long as we acted in good faith or
exercised ordinary care. Any damages that you incur, and which we
may be liable for, are limited to actual damages not to exceed the
amount of the check.
28. Stop Payments. You may ask us to stop payment on
individual checks, or on two or more checks with consecutive
numbers, if the Item or Items have not already been paid. A stop
payment order must be received in time to give us a reasonable
opportunity to act on it before our stop payment cut-off time. Our stop
payment cut-off time is one hour after the opening of the next Business
Day after the Business Day on which we receive the Item. Additional
limitations on our obligation to stop payment are provided by law. We
must receive the request in a time and way that gives us a reasonable
opportunity to act on it. A stop payment order must precisely identify
the account number, check number, date, and amount of the Item, and
the payee. The information must also be accurately reflected on the
MICR line of the check. You agree that we cannot stop payment on the
check if the information on the MICR line is not correct. You may
notify us by mail, telephone, or in person at one of our branch offices.
If you notify us by telephone, you must confirm your stop payment
order in writing within 14 calendar days; and if you do not provide
written confirmation within such time, we may remove the order. If
confirmed in writing, stop payments are effective for six (6) months.
You must place a new stop payment if you do not want us to pay the
check after the previous stop payment order expires. You will be
charged a fee every time you request a stop payment, even if it is a
renewal of a previous stop payment request. You understand that we
may accept or cancel the stop payment request from any of the owners
or authorized signers of the account regardless of who signed the check
or authorized the transfer. Our acceptance of a stop payment request
does not constitute a representation by us that the Item has not already
been paid or that we have had a reasonable opportunity to act on the
request.
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If we have not already paid an Automated Clearing House (ACH) debit
from your account, then at your request and risk we may accept a stop
payment order on it. The stop payment order takes effect within three
(3) Business Days. If you give us oral instructions, we may require
you to confirm them in writing. If you do not, we may remove the stop
payment after 14 days. Otherwise, your order is effective for six (6)
months. For recurring ACH debits on personal accounts, there is an
exception. We keep an order you place on recurring ACH debits in
effect until the longer of either six (6) months or until we believe the
merchant has stopped submitting the recurring ACH debit. To place a
stop payment order on an ACH debit, we may require you to provide
your name and telephone number, the type of account (checking or
savings), the company name and company identification number used
by the sender of the ACH debit. You can obtain the company name
and company identification number used by your sender from your
statement by looking at a prior ACH debit from this sender that posted
to your account. If you do not know the amount of the ACH debit, we
may still be able to place the stop payment order based on the company
name and company identification number of the sender, but this may
stop all ACH Items from this sender. If you give us the wrong
company identification number, we may pay the Item.
If the information you provide us for the stop payment is incorrect or
incomplete (i.e. if the information is not sufficient for us to match the
check or ACH debit on which you wish to stop payment) our computer
system may not be able to match the check or ACH debit with the stop
payment request prior to such check or ACH debit posting to your
account. If we are subsequently able to identify the check or ACH
debit as a match to your stop payment request during our reconcilement
process, despite the missing or incorrect information (each such
matched check or ACH debit, a “Matched Stop Payment Item”), we
will then reverse the posting of the Matched Stop Payment Item and
re-credit the funds to your account on the next Business Day after it
posted. During the interim between posting and re-credit, however,
your Available Balance will have been reduced by the amount of the
check or ACH debit that posted and you will not have access to such
funds. You agree that we will not be liable to you for wrongful
dishonor of any NSF Item (i.e. any check, Debit Card transaction,
ATM card transaction, ACH transfer, withdrawal or other debit Item
that is not paid by us or is returned by us unpaid due to insufficient
funds) during the period of time between the posting and re-credit of
the Matched Stop Payment Item, nor will we be liable for or obligated
to waive any NSF or overdraft fee that may be charged to your account
as a result of our return or payment of such NSF Item.
You understand and agree that even if we honor your stop payment
and return the check or ACH debit on which you have stopped
payment, you may remain liable to the person to whom you issued the
check or ACH debit or to a holder in due course. You also understand
and agree that if we fail to honor your stop payment order and pay the
check or ACH debit on which you placed the stop payment, you must
prove to us that you sustained a loss and we may only be liable to you
for the lesser of the amount of the loss or the amount of the Item. You
further understand that we have certain rights under the law that we
may enforce and you may not be entitled to a refund of the amount of
the loss or the check or ACH debit.
29. Check Truncation. If you can write checks on your
account, you understand that if we receive the checks, the checks will
be retained by us and destroyed after a reasonable time period or as
required by law or your check may be truncated by the depositary or
collecting bank. Any request for a copy of any check may be subject
to a fee, as indicated in the Common Fee Schedule and as allowed by
law. If for any reason we cannot provide you with a copy of a check
and you sustain a loss because of our inability to produce a copy, our
liability will be limited to the lesser of the face amount of the check or
the actual damages sustained by you. We are not liable for any special
or consequential loss or damages of any kind.
30. Unclaimed Property, Dormant Accounts. If you do not
use your account for a period of time or your statements are returned
to us after a certain period of time, your account and your deposit
balance may be considered abandoned under applicable law or
dormant under our policies. If your account meets the requirements of
the applicable state law governing unclaimed property, we will close
your account and turn the balance over to the applicable state. If your
account is inactive and meets our internal policy for dormant accounts,
we may discontinue sending statements to you, stop paying interest on
the interest bearing account, or refuse to pay Items on the account. You
understand that if your account is dormant, you will be charged the fee
specified in the Common Fee Schedule. You agree that we are relieved
of all responsibility if your account balance is escheated in accordance
with state law.
31. Closing Account. You or we may close your account at any
time, with or without cause and with or without notice. You will pay
any fees and costs for closing the account, as well as any outstanding
Items. Our rights and your obligations survive any closing of the
account or cancellation of this Agreement. You will not claim we
wrongfully dishonored Items we return unpaid on or after the day the
account was closed. At our discretion, we have the authority to pay an
otherwise properly payable check which is presented after the closing
of your account. If we receive an electronic credit or payment to you
or to your account after your account has been closed, you agree that
we may either return the credit to the sender or credit your account for
the amount of the payment or deposit. If we post the credit or deposit
to your account, you also agree that we may setoff against the balance
in the account after we post the credit or deposit to recover any debt
that you might owe to us.
32. Wire Transfers and Automated Clearing House
(“ACH”) Transactions. This Agreement is subject to Article 4A of
the Uniform Commercial Code - Funds Transfers as adopted by the
state in which you opened your account. If you send or receive a wire
transfer, you agree that Fedwire may be used. Federal Reserve Board
Regulation J governs transactions made over Fedwire. We provide
separate agreements that govern certain types of funds transfers. If one
or more separate agreements is applicable, these terms supplement
those of such agreements to the extent that these provisions are not in
conflict with such agreements. When you originate a wire transfer and
you identify the beneficiary’s financial institution, an intermediary
bank, or beneficiary by name and number, we and every receiving or
beneficiary institution may rely on the identifying number to make
payment. We may rely on the number even if it identifies a financial
institution, person or account other than the one named. You agree to
issue wire transfers in accordance with security procedures established
by us from time to time and you agree that such security procedures
are commercially reasonable and are not intended to detect errors in
the wire transfer. You expressly agree to be bound by any wire transfer
request, amendment and cancellations issued in your name and
accepted by us in compliance with such security procedure, whether
the wire transfer request, amendment or cancellation is or is not
authorized. Wire transfers may be made only on our Business Days.
We have a cut off time for the receipt of wire transfers. A wire transfer
request received by us after the wire transfer cutoff time on a Business
Day will be treated as received on our next Business Day. We may
change our wire transfer cutoff time and Business Days.
You authorize us to select intermediary bank(s) to complete a payment
order even if the payment order specifies another intermediary bank.
If we use an intermediary bank(s), you hereby designate that bank an
intermediary bank. We are not responsible for the actions or inactions
of the beneficiary bank or any intermediary bank. You instruct each
intermediary bank, receiving bank and beneficiary bank to deduct its
wire transfer fees from the amount of the wire transfer.
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You agree that we have no obligation to execute or accept any wire
transfer request and we may reject any wire transfer request for any
reason without notice to you. We will not be liable to you for damages
or interest for failing or refusing to execute or accept a wire transfer
request even if you have paid us for, or you have a withdrawable credit
balance for, the amount of the wire transfer. If we execute a wire
transfer request, you agree that we may deduct the amount of the wire
transfer and our fees from your account.
You agree that we have no obligation to act on a request by you to
cancel or amend a wire transfer request issued by you but may do so at
our option. If we accept a cancellation or an amendment of a wire
transfer request issued by you, you must issue the amendment or
cancellation in accordance with our security procedures. Cancellations
of or amendments to wire transfer requests, if accepted, must be
received by us before the cutoff hour we establish. To be effective, an
amendment or cancellation of a wire transfer request must be received
at a time and in a manner to give us a reasonable opportunity to act on
it before we execute or accept your original wire transfer request. If we
accept a cancellation or amendment of a wire transfer request, you
hereby agree to indemnify, defend all claims, and hold us harmless
from any loss, damages, or expenses, including but not limited to
attorneys’ fees, experienced by us as the result of our acceptance of the
cancellation or amendment.
You agree that we are not required to notify you of any incoming wire
transfer, ACH credit entry, or other electronic transfer of funds in your
account. If we credit your account with the amount of an incoming
wire transfer, ACH credit entry, or other electronic transfer of funds
and you make an inquiry on your account and determine that you have
received credit, such inquiry does not constitute notice from us of
receipt and acceptance of the incoming wire, ACH credit entry, or
other electronic transfer of funds. You agree that any notice of such a
transfer that we may give you shall not impose any duty on us to notify
you of any other such transfer.
If you are a party to an ACH entry, you agree that your rights and
obligations with respect to such payments shall be construed in
accordance with and governed by the laws of the state in which you
opened your account and you further agree to be bound by the rules
and regulations of the National Automated Clearing House
Association (“NACHA”) Operating Rules, Rules of any local ACH,
and the rules of any other system through which the entry is made. If
you are the Receiver of an ACH credit or debit entry that is designated
as an International ACH Transaction under the NACHA Rules, we are
required under the NACHA Rules to review the transaction to make
sure that it does not violate or conflict with U.S. law. This review may
delay the posting of the ACH entry and the entry may not post to your
account on the effective date of the entry.
You acknowledge and agree that we are not liable for (and you release
us from) any and all loss, liability, and/or damage caused by, arising
out of, or resulting from (1) any inaccuracy, act, or failure to act on the
part of any person who is not our employee, (2) your negligence or
misconduct by you or any person that you have authorized to make a
wire transfer request, (3) any error you make in any information you
provide us including, but not limited to, the date, name, account or
other number, (4) your issuance of a duplicate wire transfer request,
(5) any act or omission of intermediary bank(s) or beneficiary bank,
(6) our acting or relying on instruction(s) from person(s) who purport
to be you or your authorized representative and who follow the security
procedures, (7) any ambiguity in an instruction or directive given to
us, (8) any errors, failures, or delays in the transmissions of wire
transfer requests due to any third party processor, the inoperability of
communication facilities, or circumstances beyond our control,
including, but not limited to, wire services availability, weather, act of
God, fire, power failure, electrical or computer or Internet failure or
interruption, civil disturbance etc. You also agree that we shall not be
liable to you or any other person or entity for compensatory, indirect,
consequential, special, incidental, or punitive damages.
In addition to other indemnity obligations in this Agreement, you agree
to indemnify and hold us, our employees, agents, officers and directors
harmless for liability, (1) if the completion of a wire transfer request
you issue contains errors or is a duplicate payment order, (2) your
breach of this Agreement and/or (3) your negligent acts or omissions
in connection with this Agreement.
If you are a consumer and you request a wire transfer primarily for
personal, family, or household purposes to a designated recipient in a
foreign country, your wire transfer is a “Remittance Transfer.”
Remittance Transfers are governed by this Agreement and the
Remittance Transfer disclosure that we provide to you. The provisions
of the Remittance Transfer disclosures shall control over any
inconsistent terms between this Agreement and the Remittance
Transfer disclosures that we provide to you. If you are a business
entity and not a consumer, and your account was not established for
personal, family, or household purposes, you hereby acknowledge,
agree, represent, and warrant that any and all wire transfers initiated
by you to a beneficiary located in a foreign country, are for business
purposes only and not for personal, family, or household purposes and
are not subject to the provisions of the Electronic Funds Transfer Act
and/or Consumer Financial Protection Bureau Regulation E.
33. Provisional Payment. Credit we give you with respect to an
ACH credit entry is provisional until we receive the final settlement
for that entry through a Federal Reserve Bank. If we do not receive
final settlement, you agree that we are entitled to a refund of the
amount credited to you in connection with the entry, and that we may
exercise our option to reverse the credit or require that you reimburse
us by way of direct payment.
34. Notice of Receipt. Under the operating rules of the
NACHA, which are applicable to ACH transactions involving your
account, we are not required to give next day notice of receipt of an
ACH Item and we will not do so. However, we will continue to notify
you of the receipt of payments in the periodic statements we provide
to you.
35. Statements. We will provide you with a periodic statement
showing the account activity. We will send the statement to the address
in our records for you, and you are considered to have received the
statements upon mailing, whether or not you actually receive them. If
you have asked us to hold your statement we may refuse your request,
but if we agree, you are considered to have received the statement
when we make it available for you to pick up regardless of whether it
is picked up or by whom. You must examine your statement of account
immediately upon receipt of the statement or after it is otherwise made
available to you. You acknowledge and agree that our statements
provide sufficient information to determine the identification and
authenticity of any transaction including but not limited to, whether
any are forged, altered or unauthorized if the statement includes the
Item number, amount and the date the Item posted to your account.
Notwithstanding the foregoing, if your account is an account, such as
a savings account, that does not provide the Item number, the amount
and the date the Item posted to the account are sufficient information
to determine if there is an error or the transaction is not authorized. If
you discover (or reasonably should have discovered) any unauthorized
payments, alterations, errors, or Items that are otherwise not properly
payable, you must promptly notify us in writing of the relevant facts.
If you fail to examine your statement and notify us, we will not be
responsible for any loss suffered by you. The loss could be not only
with respect to Items on the statement but also includes other Items
forged or altered by the same wrongdoer. You agree that the time you
have to examine your statement and report to us will depend on the
circumstances, but that such time will not, in any circumstance, exceed
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a total of thirty (30) days from when the statement is mailed or
otherwise first made available to you. If an Item was altered or drawn
without authorization, and it was done so cleverly that a reasonable
person could not detect it, and we were not negligent in any way, you
will not hold us responsible for the loss.
You further agree that if you fail to report any unauthorized signatures,
alterations, forgeries, Items that are not otherwise properly payable, or
errors in your account, including any deposits for which you have not
received credit, within sixty (60) days of when we make the statement
available, you cannot assert a claim against us on any Item(s) in or
described on that statement or any errors, and the loss will be entirely
yours. This sixty (60) day limitation is without regard to whether we
exercised ordinary care. The limitation in this paragraph is in addition
to that contained in the first paragraph of this section. If you do not
receive a statement from us, it is your responsibility to advise us that
you did not receive a statement. If you do not receive a statement from
us because you have failed to claim it or have supplied us with an
incorrect address, we may stop sending your statements until you
specifically make written request that we resume sending your
statements after you supply us with a proper address.
If unauthorized transactions are posted to your account, you agree to
assist us in investigating the unauthorized transactions to determine the
person or persons that initiated the transactions. Your assistance
includes, but is not limited, to providing a statement under oath to us,
cooperating with us in the prosecution of your claim, and filing reports
and complaints with the appropriate law enforcement authorities. If
you refuse or fail to assist us, we will consider your refusal as a
withdrawal of your complaint and your acknowledgement that the
transactions in question are valid and authorized.
If you are a business and we have offered fraud detection or prevention
processes, procedures, and systems to you, such as the positive pay
service, and you refuse to use such services, you agree that you are
precluded from making a claim that a transaction that could have been
detected or prevented through the use of the service, is not authorized.
You shall not initiate any legal proceeding or action against us for any
claim which you may have regarding any such errors, discrepancies or
irregularities, including, but not limited to those listed above unless: a)
you have given the written notice described above; and b) such legal
proceeding or action has been commenced within one year after the
date when such statement or advice was mailed or made available to
you.
Notwithstanding the foregoing, you agree to monitor the transactions
on your account each Business Day and advise us before 1:00 p.m.
central if any unauthorized electronic Item(s) has been debited to your
account or if your account has been debited as settlement for a funds
transfer that you did not originate. Unless prohibited by law, you agree
to be liable for the amount of any unauthorized electronic Item(s) or
unauthorized funds transfer settlement that could have been returned
or reversed if you had provided us with timely notice.
36. Electronic Delivery of Statements. As an alternative to
receiving your periodic statement via the mail or in person, if available,
you may elect to receive your account statements electronically
(“eStatement”) on the accounts selected by you for eStatement. To
elect eStatement on an account, you must complete the on-line
enrollment process for eStatement through Renasant Online Banking.
You cannot elect to receive an eStatement unless you are a Renasant
Online Banking customer and you consent to receive your statements
and other information electronically. You must consent to our
agreement governing eStatement (the “Electronic Delivery
Communication Authorization and Agreement”) and accept the terms
of the agreement governing your Online Banking (the “Renasant
Online Banking Service Agreement”). If you elect to receive
eStatements, the Renasant Online Banking Service Agreement and the
Electronic Delivery Communication Authorization and Agreement are
incorporated by reference and made a part of this Agreement. Terms
not otherwise defined in this Agreement shall have the definition
ascribed to those terms in the Renasant Bank Online Banking Service
Agreement and the Electronic Delivery Communication Authorization
and Agreement. By electing to receive an eStatement, you
affirmatively elect and authorize us, at our discretion, to electronically
deliver to you the periodic account statements, disclosures, notices and
other documents listed in the Electronic Delivery Communication
Authorization and Agreement. At our discretion, you may or may not
receive a periodic statement or other disclosures, notices, or documents
by mail or in person. Your eStatement will be available on the next
Business Day following the end of the statement cycle for your
account. An eStatement is available on-line for at least twenty four (24)
months (or such other period we may set from time to time) following
its initial posting. You agree to download your eStatement and save in
electronic form or print a hard copy for your records. The same terms
apply with respect to eStatements as for those delivered in paper form,
and all of the provisions of this Agreement and the disclosures that you
have previously received from us remain in effect.
You agree that if an e-mail from us to you is undeliverable, we have
no duty to resend the information. You understand and agree that there
are risks associated with e-mails and with the Internet and that we
cannot guarantee the authenticity, privacy or accuracy of information
sent or received by e-mail or the Internet or the authority of persons
using your e-mail address and/or computer to send or receive
information. You assume all risks of communicating via e-mail and/or
the Internet. DO NOT E-MAIL NONPUBLIC PERSONAL
FINANCIAL INFORMATION TO US. You release us and agree that
we are not liable to you for losses or damages resulting from the
interception or unauthorized use by a third party of any information
transmitted via e-mail or the Internet and/or the use of e-mail or the
Internet for the transmission of information. You agree that you are
responsible for your computer and your Internet address. You
acknowledge and agree that we do not warrant that the eStatement
service will be uninterrupted, timely or secure or will meet your
requirements or expectations. eStatement is provided to you AS IS and
WITHOUT WARRANTY. USE OF eSTATEMENT IS AT YOUR
SOLE RISK. WE ARE NOT LIABLE FOR AND DO NOT OWE
ANY DAMAGES (CONSEQUENTIAL, INDIRECT, SPECIAL,
INCIDENTAL OR PUNITIVE) TO YOU OR ANOTHER for delays
or non-performance of the eStatement service, unauthorized access,
security breaches, equipment failure or malfunction, computer or
Internet access malfunction, communication failure, computer virus,
problems that may be associated with the use of the Internet and/or an
on-line system, conditions or circumstances that are not within our
control, power disruptions or shortages, damage to your computer or
data (including loss of data) and/or anything arising out of or related
to eStatements.
You may cancel your eStatement by contacting us during our normal
business hours or by sending us a message via Renasant Online
Banking. You agree that we have a reasonable period of time to act on
such termination. (After termination, you may get a copy of an account
statement that was electronically delivered to you by calling us and
paying our research and copying fees.) At any time, in our sole
discretion, without notice to you, and without liability to you, we may
remove an account from eStatement service and/or we may terminate
and/or modify eStatement service. eStatement service terminates if
you are not a Renasant Online Banking customer or if you no longer
have e-mail service. If eStatement service is terminated on an account,
account statements (if provided for that type account) will thereafter
be put in the mail addressed to the statement mailing address for that
account in our records. If eStatement service is terminated on an
account type where eStatement service is required as one of the
conditions for waiver of the monthly maintenance fee otherwise
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applicable to such account, then the termination of eStatement service
will result in resumption of the monthly maintenance fee being charged
to the account. Your duties under this Agreement survive termination
of eStatement service. Termination of eStatement service will not
terminate the Electronic Delivery Communication Authorization and
Agreement. The Electronic Delivery Communication Authorization
and Agreement must be terminated in accordance with the provisions
of the Electronic Delivery Communication Authorization and
Agreement.
37. Notice. We may send you communication at the last address
you gave us in writing. You will send us communication at our address
in this Agreement (except as provided in Section 52(a) for an
arbitration rejection notice). The postmark or postage meter date,
except where this Agreement requires that something be “actually
received,” determines when communication occurred. We may also
give you notice by electronic delivery by posting a notice on our
website or electronic delivery to the e-mail address in our records for
you. Notice sent by you to us is not effective until we have received it
and have a reasonable opportunity to act on it. Written notice sent by
us to you is effective when mailed to the last address supplied to us in
writing. You will notify us immediately of any change in your name,
address, telephone number, or taxpayer identification number. Do not
send nonpublic private financial information to us via un-secure email.
38. Account Type and Payment of Interest. The account type
is noted on the signature card. If a demand account, it will not earn
interest. If a savings or negotiable order of withdrawal (NOW)
account, we reserve the right to require seven (7) days written notice
before any withdrawal. If a NOW account, if any entity not allowed by
federal regulations to have such an account becomes an owner, we will
convert the account into a checking or savings account. We have given
you disclosures explaining applicable transaction limits, fees, interest,
rates, and balance requirements. You agree that our fees and charges
need not be based upon the cost of providing the service or
administering the event to which the fee or charge is associated, but
may be based on other considerations such as the expense of providing
account services, generally similar charges of other financial
institutions with which we compete, revenues we receive, and the
deterrence of abuse of an account.
39. Cashing Checks. If a payee of a check you have written on
your account with us presents the check over the counter to us for
immediate payment in any of our offices, we may require identification
and proof of authority satisfactory to us to establish the identity and
the authority of the person presenting the check. We (without liability)
may refuse to pay a check drawn on your account presented by a payee
or holder of the check for immediate payment at one of our branches
if (1) we have a concern about the authority or identity of the person
presenting the check, (2) our computers are not working properly, (3)
the amount of the check exceeds $5000 or such other limit we may set
from time to time, or (4) we, in our sole discretion, are suspicious about
the transaction such as, we question the authenticity of the Item. You
agree that our refusal to pay such a check is not wrongful dishonor. If
the payee does not have a deposit relationship with us, we may also
require a fingerprint before we pay the check, we may charge a fee for
paying the check, or we may refuse to pay the check. From time to
time, we may also impose other requirements that we consider
appropriate. We have no liability to you for refusing to pay the check
or charging a fee.
40. Illegal Activities. You agree not to use your account for any
illegal purpose and you agree to comply will all applicable laws, rules,
and regulations governing your account. You specifically agree that
you will not use your account to conduct transactions relating to
unlawful Internet gambling or any other illegal activity. If we suspect
that you are using your account for any illegal purposes, you agree that
we may take any action we deem appropriate in our sole discretion
including but not limited to closing the account, placing a hold on the
funds in your account, refusing to accept Items for deposit, or
dishonoring Items presented for payment. You agree that you will not
claim that we wrongfully dishonored any Item if we return an Item
under the terms of this provision.
41. Fees, Service Charges and Balance Requirements. You
agree to pay us and are responsible for any fees, charges or
balance/deposit requirements as provided in the Common Fee
Schedule and the Commercial Schedule of Fees (if applicable), as such
are amended from time to time. Your Commercial Schedule of Fees
can be found at
https://www.renasantbank.com/schedule_of_fees.htm. You agree that
we may amend our Common Fee Schedule from time to time and you
agree to be bound by the terms of the amended Common Fee Schedule.
You further agree that we may amend the Commercial Schedule of
Fees from time to time, with or without any notice other than the
posting of a revised Commercial Schedule of Fees at the
aforementioned link. We also reserve the right to impose a service
charge for cashing checks drawn on your account if the person cashing
the check is not a customer of this financial institution. We may deduct
fees and other amounts you owe us under this Agreement from your
accounts with us at any time without prior notice of any deductions. If
there are not enough funds in your account to cover the fees and other
amounts you owe us, we may overdraw your account. You agree to
pay us immediately all amounts you owe us.
42. Expenses. You will pay any expenses we incur in good faith
related to this Agreement, such as fees on Items sent for collection,
foreign exchange charges, and unreimbursed research and copying
fees when some person requires records about our relationship, and
attorneys' fees we incur in good faith because of concerns about the
account, whether or not litigation has begun, including such fees
through trial and all appeals, plus court costs. You also agree to pay
any expenses that we incur, including attorneys' fees in responding to
any subpoena, writ, government agency or judicial order, search
warrant, or other order, which we may be required to respond to
regarding your account or your relationship with us. You agree that we
may debit these fees to your account even if it causes your account to
go into overdraft.
43. Credit Report. You authorize us to obtain reports about
you periodically from organizations such as consumer reporting
agencies, check reporting services, and other credit reporting entities,
and to provide them information. Late payments, missed payments, or
other defaults on your account may be reflected in your credit report.
44. Customer Identification Program. To help the
government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain,
verify, and record information that identifies each person who opens
an account. What this means to you: When you open an account, we
will ask for your name, address, date of birth, and other information
that will allow us to identify you. We may also ask to see your driver’s
license or other identifying documents.
45. Amendments and Alterations. We may change the terms
of this Agreement and the services that we provide at any time. We
may add new terms, delete terms or replace this entire Agreement with
a new agreement. We will ordinarily send you advance notice of any
change to this Agreement that is adverse to your rights or obligations.
If we give notice of a change, notice will be given to you at any time
by mailing notice to your address shown on our records, by including
a notice with or on your statement, by posting a notice of any such
changes at our main office, by posting a notice on our website, by
sending you an email, or by whatever notice requirements that may be
required by law. If you have more than one account with us, you agree
that we may send only one notice applicable to all of your accounts
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and will not be required to send a separate notice for each account
unless otherwise required by law. If you use the account, or continue
to maintain your account with us, after the effective date of a change,
that indicates your acceptance of the changes. If you do not agree to
the changes in the terms of this Agreement, you may close your
account.
46. No Waiver. You understand and agree that no delay or
failure on our part to exercise any right, remedy, power or privilege
available to us under this Agreement shall affect or preclude our future
exercise of that right, remedy, power or privilege.
47. Our Rights. You agree that our rights under this Agreement
are cumulative, not exclusive. We may exercise any of them without
giving up the right to exercise others.
48. Severability. Any term or provision of this Agreement
which is invalid or unenforceable in any jurisdiction shall be
ineffective to the extent of such invalidity or unenforceability without
invalidating or rendering unenforceable the remaining terms or
provisions hereof, and any such invalidity or unenforceability in any
such jurisdiction shall not invalidate or render unenforceable such term
or provision in any other jurisdiction; provided, however, that any such
invalidity or unenforceability does not deny any party hereto any of the
basic benefits of the bargain contemplated by this Agreement.
49. Force Majeure. We shall not be liable for any loss or
damage to you caused by our failure to provide any service or delay in
providing such service resulting from an act of God, act of
governmental authority, legal constraint, war, terrorism, fire,
catastrophe, or electrical computer, mechanical, telecommunications
or internet failure, or failure of any agent or correspondent or any other
cause beyond our control.
50. Liability. YOU AGREE THAT WE SHALL NOT BE
LIABLE FOR INDIRECT, SPECIAL, PUNITIVE, OR
CONSEQUENTIAL DAMAGES REGARDLESS OF THE
FORM OF ACTION AND EVEN IF WE HAVE BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES.
51. Indemnification. Without limitation on any other
indemnification provision in this Agreement, you will indemnify us
against, and hold us harmless from, any and all losses, damages, costs,
and attorney fees that we incur because of your failure to abide by any
of the terms of this Agreement.
52. WAIVER OF JURY TRIAL AND ARBITRATION
PROVISION. READ THIS ARBITRATION PROVISION
CAREFULLY. IF YOU DO NOT REJECT ARBITRATION IN
ACCORDANCE WITH SUBPARAGRAPH (a) BELOW, THIS
ARBITRATION PROVISION WILL GOVERN ANY AND ALL
CLAIMS AND DISPUTES ARISING IN CONNECTION WITH
YOUR ACCOUNT AND WILL HAVE A SUBSTANTIAL
IMPACT ON THE WAY YOU OR WE WILL RESOLVE ANY
SUCH CLAIMS AND DISPUTES, NOW OR IN THE FUTURE.
FOR EXAMPLE, IF YOU DO NOT REJECT THIS
ARBITRATION PROVISION, WE CAN REQUIRE
INDIVIDUAL ARBITRATION OF ANY LEGAL DISPUTE
BETWEEN YOU AND US REGARDING THE ACCOUNT
(EXCEPT A SMALL CLAIM YOU BRING INDIVIDUALLY)
AND YOU WILL NOT HAVE THE RIGHT TO BRING OR
PARTICIPATE IN ANY CLASS ACTION OR SIMILAR
PROCEEDING IN COURT OR IN ARBITRATION.
(a) Your Right to Reject Arbitration: If you don’t
want Arbitration to apply to your account, you may reject arbitration
by mailing us a written rejection notice which gives your name(s) and
account number and contains a statement that you (both or all of you,
if more than one) reject arbitration of disputes concerning your
account. The rejection notice must be sent to the General Counsel,
Renasant Bank, P. O. Box 709, Tupelo, MS 38802-0709, Attn:
Arbitration Rejection. A rejection notice is only effective if it is signed
by you (both or all of you, if more than one) and if we receive it within
thirty (30) days after the date you open your account. The date you
open your account will be the date shown on the siganture card portion
of the agreement initially used to open the account. No execution of a
replacement or updated signature card for the account nor any
subsequent amendment, update, or replacement of this Agreement
shall give you any new or renewed right to reject this Aribtraiton
Provision.
(b) Parties Subject to Arbitration; Certain Definitions:
Solely as used in this Arbitration Provision: (a) the terms “we,” “us”
and “our” include: (i) Renasant Bank, its parents, subsidiaries and
affiliates, their predecessors successors, if any, and the employees,
officers, directors and controlling persons of all such companies and
banks (the “Bank Parties”); and (ii) any other person or company who
provides any services in connection with the account if you assert a
Claim against such other person or company at the same time you
assert a Claim against any Bank Party; and (b) the terms “you” and
“your” include: (i) each holder or owner of the account, each person
who signs a signature card for the account and their respective heirs,
successors, representatives and beneficiaries (including pay-on-death
and similar beneficiaries); and (c) the term “account” includes any
account maintained by Reansant Bank and any updated or substitute
account for the same accountholders, regardless of the execution of a
new or substitute signature card for the account.
(c) Covered Claims: “Claim” means any claim,
dispute or controversy between you and us that in any way arises from
or relates to this Agreement, your account, any ATM Card, debit card,
check card or similar card, any account transaction or attempted
transaction (including deposits, payments, transfers and withdrawals,
whether by check, card, ACH or otherwise), overdraft protection
services, any overdraft line of credit or overdraft transfer agreement,
non-sufficient funds and overdraft items, and the advertising,
disclosures, practices and procedures related to the foregoing, if such
claim, dispute or controversy cannot be resolved without a lawsuit or
arbitration proceeding; provided, however, that “Claim” does not
include any claim, dispute or controversy that would otherwise be
covered by the foregoing definition but which is prohibited from such
coverage by the federal Military Lending Act or its implementing
regulations. “Claim” includes disputes arising from actions or
omissions prior to the date of this Agreement (or prior to the time this
Arbitration Provision becomes part of the Agreement). “Claim” has
the broadest reasonable meaning, and includes initial claims,
counterclaims, cross-claims and third-party claims. It includes disputes
based upon contract, tort, consumer rights, fraud and other intentional
torts, constitution, statute, regulation, ordinance, common law and
equity (including any claim for injunctive or declaratory relief).
However, except as provided in the next sentence, it does not include
any dispute about the validity, enforceability, coverage or scope of this
Arbitration Provision or any part thereof (including, without limitation,
subparagraph “g” below, captioned “Prohibition Against Certain
Proceedings” (the “Class Action Waiver”), the final sentence in
subparagraph “m” below, captioned “Severability,” and/or this
sentence); all such disputes are for a court and not an arbitrator to
decide. Notwithstanding the foregoing, the term “Claim” includes any
dispute about the validity or enforceability of this Agreement as a
whole.
(d) Starting an Arbitration: To the extent permitted by
the Federal Arbitration Act (the “FAA”) and any other applicable
federal law, arbitration may be elected by either party with respect to
any Claim, even if that party has already initiated a lawsuit with respect
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to a related or different Claim. Arbitration is elected by giving a written
demand for arbitration to the other party, by filing a motion to compel
arbitration in court or by initiating an arbitration against the other
party. We will not demand to arbitrate an individual Claim that you
bring against us in small claims court or your state’s equivalent court,
if any. But if that Claim is transferred, removed or appealed to a
different court, we then have the right to demand arbitration. Subject
to subparagraph “g” below, captioned “Prohibition Against Certain
Proceedings”, any party who desires to assert multiple Claims must
assert all such Claims in a single lawsuit or arbitration; the defending
party must demand arbitration with respect to all or none of such
Claims; and if the defending party wishes to bring any counter-Claims,
such counter-Claims must be asserted in the same lawsuit or arbitration
that will resolve the initial Claims.
(e) Choosing the Administrator: “Administrator”
means the American Arbitration Association (“AAA”), 1633
Broadway, 10th Floor, New York, NY 10019, www.adr.org; JAMS,
620 Eighth Avenue, 34th Floor, New York, NY 10018,
www.jamsadr.com; or any other company selected by mutual
agreement of the parties. If both AAA and JAMS cannot or will not
serve and the parties are unable to select an Administrator by mutual
consent, the Administrator will be selected by a court. The arbitrator
will be appointed by the Administrator in accordance with the rules of
the Administrator. However, the arbitrator must be a retired or former
judge or a lawyer with at least 10 years of experience. The party
initiating an arbitration may select the Administrator by filing a Claim
with the Administrator of that party’s choice. Notwithstanding any
language in this Arbitration Provision to the contrary, no arbitration
may be administered, without the consent of all parties to the
arbitration, by any Administrator that has in place a formal or informal
policy that is inconsistent with the Class Action Waiver.
(f) Court and Jury Trials Prohibited; Other
Limitations on Legal Rights: FOR CLAIMS SUBJECT TO
ARBITRATION, YOU WILL NOT HAVE THE RIGHT TO
PURSUE THAT CLAIM IN COURT OR HAVE A JURY DECIDE
THE CLAIM. ALSO, YOUR ABILITY TO OBTAIN
INFORMATION FROM US IS MORE LIMITED IN AN
ARBITRATION THAN IN A LAWSUIT. OTHER RIGHTS THAT
YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO
NOT BE AVAILABLE IN ARBITRATION.
(g) Prohibition Against Certain Proceedings:
NOTWITHSTANDING ANY OTHER LANGUAGE IN THIS
ARBITRATION PROVISION TO THE CONTRARY, FOR CLAIMS
SUBJECT TO ARBITRATION: (1) YOU MAY NOT
PARTICIPATE IN A CLASS ACTION IN COURT OR IN A CLASS-
WIDE ARBITRATION, EITHER AS A PLAINTIFF, CLASS
REPRESENTATIVE OR CLASS MEMBER; (2) YOU MAY NOT
ACT AS A PRIVATE ATTORNEY GENERAL IN COURT OR IN
ARBITRATION; (3) CLAIMS BROUGHT BY OR AGAINST YOU
MAY NOT BE JOINED OR CONSOLIDATED WITH CLAIMS
BROUGHT BY OR AGAINST ANY OTHER PERSON; AND (4)
THE ARBITRATOR SHALL HAVE NO POWER OR AUTHORITY
TO CONDUCT A CLASS-WIDE ARBITRATION, PRIVATE
ATTORNEY GENERAL ARBITRATION OR MULTIPLE-PARTY
ARBITRATION.
(h) Location and Costs of Arbitration: Any arbitration
hearing that you attend must take place in a venue reasonably
convenient to you. We will pay any and all fees of the Administrator
and/or the arbitrator in connection with any arbitrated Claim if and to
the extent you prevail in the arbitration. Also, for any arbitrated Claim
of yours for an amount less than $25,000: (a) we will pay any and all
fees of the Administrator and/or the arbitrator if you make a written
request for us to pay such fees; and (b) we will pay your reasonable
attorneys’ and experts’ fees if and to the extent you prevail. We will
bear any fees and costs associated with the arbitration of a Claim
(including reasonably attorneys’ and experts’ fees) if applicable law
requires us to.
(i) Governing Law: This Arbitration Provision
involves interstate commerce and is governed by the FAA and not by
any state arbitration law, provided that the law of the state where we
are headquartered shall be applicable to the extent that any state law is
relevant in determining the enforceability of this Arbitration Provision
under Section 2 of the FAA. The arbitrator must apply applicable
substantive law consistent with the FAA and applicable statutes of
limitations and claims of privilege recognized at law. The arbitrator
may award any remedy provided by the substantive law that would
apply if the action were pending in court, including, without limitation,
punitive damages (which shall be governed by the Constitutional
standards employed by the courts) and injunctive, equitable and
declaratory relief. At the timely request of either party, the arbitrator
must provide a brief written explanation of the basis for the award.
(j) Right to Discovery: In addition to the parties’
rights to obtain discovery pursuant to the arbitration rules of the
Administrator, either party may submit a written request to the
arbitrator to expand the scope of discovery normally allowable under
such rules.
(k) Arbitration Result and Right of Appeal: Judgment
upon the arbitrator’s award may be entered by any court having
jurisdiction. The arbitrator’s decision is final and binding, except for
any right of appeal provided by the FAA. However, if the amount of
the Claim exceeds $50,000 or involves a request for injunctive or
declaratory relief that could foreseeably involve a cost or benefit to
either party exceeding $50,000, any party can, within 30 days after the
entry of the award by the arbitrator, appeal the award to a three-
arbitrator panel administered by the Administrator. The panel shall
reconsider anew any aspect of the initial award requested by the
appealing party. The decision of the panel shall be by majority vote.
Reference in this Arbitration Provision to “the arbitrator” shall mean
the panel if an appeal of the arbitrator’s decision has been taken. The
costs of such an appeal will be borne in accordance with subparagraph
“h” above, captioned “Location and Costs of Arbitration.”
(l) Rules of Interpretation: This Arbitration Provision
shall survive the closing of the account, any legal proceeding and any
bankruptcy to the extent consistent with applicable bankruptcy law. In
the event of a conflict or inconsistency between this Arbitration
Provision, on the one hand, and the applicable arbitration rules or the
other provisions of this Agreement, on the other hand, this Arbitration
Provision shall govern.
(m) Severability: If any portion of this Arbitration
Provision, other than the Class Action Waiver, is deemed invalid or
unenforceable, the remaining portions shall nevertheless remain in
force. If a determination is made that the Class Action Waiver is
unenforceable, only this sentence of the Arbitration Provision will
remain in force and the remaining provisions shall be null and void,
provided that the determination concerning the Class Action Waiver
shall be subject to appeal.
(n) Notice and Cure; Special Payment: Prior to
asserting a Claim in litigation or arbitration, the party asserting the
Claim (the “Claimant”) shall give the other party (the “Potential
Defendant”) written notice of the Claim (a “Claim Notice”) and a
reasonable opportunity to resolve the Claim. The resolution period
shall be at least 30 days except for Claims requiring some form of
expedited injunctive relief in a shorter period. Any Claim Notice to
you shall be sent in writing to the current address we have for you in
our records. Any Claim Notice to us shall be sent by mail to the
General Counsel, Renasant Bank, P. O. Box 709, Tupelo, MS 38802-
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04.01.19 16
0709, Attn: Claim Notice (or any updated address we subsequently
provide). If there are multiple parties on the account, the Claim Notice
may be sent to any of you. Any Claim Notice you send must provide
your name and account number, as well as your address and a phone
number where you can be reached during normal business hours. Any
Claim Notice must explain the nature of the Claim and the relief that
is demanded. A Claim Notice from us may be in the form of a
collection letter or a notice demanding payment of a negative balance
under the account. You may only submit a Claim Notice on your own
behalf and not on behalf of any other party. No third party, other than
a lawyer you have personally retained, may submit a Claim Notice on
your behalf. The Claimant must reasonably cooperate in providing any
information about the Claim that the Potential Defendant reasonably
requests. If (a) you submit a Claim Notice on your own behalf (and not
on behalf of any other party) in accordance with this subparagraph “n”
and otherwise comply with this subparagraph “n” (including its
resolution and cooperation provisions); (b) we refuse to provide you
with the relief you request; and (c) an arbitrator subsequently
determines that you were entitled to such relief (or greater relief), the
arbitrator shall award you at least $10,000 and will also require us to
pay any other fees and costs to which you are entitled. If a Claimant
fails to comply with the requirements of this subparagraph “n”, the
Potential Defendant may seek an order requiring the Claimant to
comply before the Claimant further pursues the Claim. However, the
Claimant’s assertion of a Claim in litigation or arbitration without
initially complying with this subparagraph “n” will not otherwise
impair any of the Claimant’s rights (including your rights under this
subparagraph “n”), even if the statute of limitations for the Claim
expires before the end of the period provided in this subparagraph “n”
for the parties to attempt to resolve the Claim.
(o) Amendment; Waiver; Etc.: Notwithstanding any
language in this Agreement to the contrary, we will not attempt to
apply any amendment to this Arbitration Provision without your
written consent if and to the extent that the amendment would affect
the litigation or arbitration of any Claim that has been the subject of a
prior Claim Notice. However, this will not limit our power to waive
any right we would otherwise have nor our power to afford you any
additional right with respect to this Arbitration Provision.
(p) Effect on Any Existing Arbitration Agreement: If
you reject arbitration, you will not be subject to this Arbitration
Provision and will no longer be subject to any current Arbitration
Agreement to which you and we are a party. Unless this Arbitration
Provision is rejected by you or declared invalid in a final, non-
appealable judgment, this Arbitration Provision will replace and
supersede any Arbitration Agreement to which you and we are
currently a party. This Arbitration Provision will not replace or
supersede any prior Arbitration Agreement if you do not reject
arbitration and this Arbitration Provision is declared invalid in a final,
non-appealable judgment that does not apply equally to the prior
Arbitration Agreement.
53. Applicable Laws and Regulations. Except where
otherwise provided herein, you understand this Agreement is governed
by the laws of the state in which your account was opened, without
regard to its conflict of law provisions and without regard to your state
of residence, and applicable federal law. If your account was opened
via Online Banking or any other online process, you agree that your
account was opened in Mississippi and that Mississippi law governs
your account; however, if you reside in a state in which we have branch
locations and your account was opened via an online process, the law
of the state in which you reside governs. Changes in these laws and
regulations may modify the terms and conditions of your account. We
do not have to notify you of these changes, unless required to do so by
law. You will not hold us liable for anything we do or decline to do
based on a good faith belief that it is required by law or regulation.
54. Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs, legal
representatives, executors, administrators, successors and permitted
assigns.
55. Headings. Section headings contained in this Agreement
are inserted for convenience of reference only, shall not be deemed to
be a part of this Agreement for any purpose, and shall not in any way
define or affect the meaning, construction or scope of any of the
provisions hereof.
56. Titles. Certain account related agreements, disclosures and
fee schedules have been referenced herein by their current title or a
name that is the reasonable equivalent of their current title. You agree
that the effectiveness of this Agreement is not dependent on the
accuracy in the titles used in this Agreement for such related
agreements, disclosures and schedules. As long as such related
agreements, disclosures and schedules are reasonably identifiable then
the inaccurancy of the title employed herein or a subsequent change in
the title shall have no effect on the enforceability of this Agreement
